The Counties Transit Improvement Board (CTIB) dissolved effective September 30, 2017. As part of that dissolution, certain agreements between CTIB and other parties were assigned to various CTIB member counties, including CTIB Agreement 18-2015 (Hennepin County Agreement 177766) between CTIB and Springsted Incorporated relating to the provision of municipal advisory services, which was assigned to Hennepin County pursuant to Resolution 17-0321. That agreement had a three-year term (expiring 12/31/18), with the potential for two one-year extensions.

The 2017 CTIB Depository Agreement (“Depository Agreement”) was also assigned to Hennepin County (CTIB Agreement 13-2017-01, Hennepin County Agreement 177764), pursuant to Resolution 17-0321.  The Depository Agreement establishes the terms and conditions under which funds on deposit with Wells Fargo Bank, N.A., may be paid for authorized CTIB expenses, including ongoing CTIB administrative expenses such as the contract with Springsted.

Post-dissolution, staff of the five CTIB counties have continued to meet regularly to discuss common issues, as well as to review the expenditure of CTIB funds and distribution of refunds received from the close out of prior CTIB agreements. Funds to pay ongoing administrative costs related to CTIB, including municipal advisory services, were deposited into a separate account in the Depository Agreement. Springsted participates in these meetings with the CTIB counties and provides monthly documentation of all transactions related to the Depository Agreement. The five counties have agreed to extend the term of the agreement with Springsted through December 31, 2019. There is ample budget authority within the existing agreement with Springsted, so no cost increase is associated with this contract extension.